First Solar Announces Limited Production Run of World’s First Bifacial Thin Film Photovoltaic Module

Pre-commercial version of first alternative to bifacial crystalline silicon technology makes Intersolar Europe debut

First Solar, Inc. (NASDAQ: FSLR) today announced a limited production run of the world’s first bifacial solar panel utilizing an advanced thin film semiconductor. A fully functional pre-commercial Series 6 Plus Bifacial photovoltaic (PV) module will make its industry debut at Intersolar Europe in Munich, Germany and will be on display at First Solar’s booth (#520) in Hall A1 from June 14 to 17, 2023.

The module, which is undergoing field and laboratory testing, builds on the track record of First Solar’s successful Series 6 monofacial module platform. The module features an innovative transparent back contact, pioneered by First Solar’s research and development (R&D) teams, which, in addition to enabling bifacial energy gain, allows infrared wavelengths of light to pass through rather than be absorbed as heat, and is expected to lower the operational temperature of the bifacial module and result in a higher specific energy yield.

“This module combines the quality, sustainability, reliability, and long-term performance of our Series 6 Plus platform with our first increment of bifaciality,” said Pat Buehler, chief product officer, First Solar. “Once commercialized, we expect Series 6 Plus Bifacial to represent the first real alternative to crystalline silicon-based bifacial technology, effectively combining bifaciality with the industry’s best warranted degradation rate, CdTe thin film’s ability to deliver more energy per nameplate watt, best-in-class reliability and durability, and innovative module design.”

Series 6 Plus monofacial module features an industry-best 0.3 percent warranted degradation rate, superior temperature coefficient, spectral response, and shading behavior, and an anti-reflective coating to enhance energy production. Moreover, unlike crystalline silicon (c-Si) panels, First Solar’s Series 6 Plus module does not experience losses from Light Induced Degradation (LID) and Light and elevated Temperature Induced Degradation (LeTID). The module is manufactured under one roof with 100 percent traceable quality assurance, exceeding International Electrotechnical Commission (IEC) standards in high temperature, high humidity, and extreme desert and coastal applications.

In October 2022, First Solar announced that it would construct a new R&D innovation center in Perrysburg, Ohio. The facility, representing an investment of approximately $370 million, is believed to be the first of its scale in the Western Hemisphere and is expected to accelerate the development and production of advanced thin film PV. Scheduled to be completed in 2024, the new R&D center will be located near First Solar’s existing Perrysburg manufacturing facility, covering an area of approximately 1.3 million square feet. It will feature a high-tech pilot manufacturing line allowing for the production of full sized prototypes of thin film and tandem PV modules.

About First Solar, Inc.

First Solar is a leading American solar technology company and global provider of responsibly produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the company’s advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.

For First Solar Investors

This release contains forward-looking statements, which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to statements concerning First Solar’s expectation that 1) the back contact will lower the operational temperature of the bifacial module versus the monofacial equivalent, and will result in higher specific energy yield; and 2) First Solar’s plan to invest approximately $370 million in a new R&D innovation center in Ohio. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Annual Report on Form 10-K, as supplemented by our other filings with the Securities and Exchange Commission.

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